From the Times Call
Newton Running, which abruptly closed its flagship Pearl Street Mall store last month, has launched a major reorganization which includes the departure of its cofounder Danny Abshire, according to a report in Runner’s World.
The report was confirmed by company spokesman Michael Doyle.
Doyle said cofounder and investor Jerry Lee has returned to lead the venture as chairman of the board temporarily.
“We don’t know what the long-term plan is,” said Doyle, but he confirmed that the company’s primary financial backer, Fireman Capital Partners, is no longer involved and that company executives are in the process of forming a new investor group.
The Daily Camera reported the store closure March 31.
“the street retail scene proved a tough one to make profitable”
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